F1 chief Chase Carey ‘annoyed and frustrated’ at Silverstone’s owners

The chief executive of the Formula One Group, Chase Carey, has said Silverstone’s decision to initiate the break clause in their contract to host the British Grand Prix earlier this week was annoying and frustrating. Their decision has placed the future of the race, which has been on the F1 calendar since the world championship began in 1950, in doubt.

Silverstone have a contract to host the race until 2026 but had the option to opt out from hosting it after 2019, which they chose to exercise this week. The British Racing Drivers’ Club which owns the track said the cost of hosting the race was not financially viable, citing losses of £2.8m in 2015 and £4.8m in 2016.